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American home prices dipped by a teeny measure -- 1/10th of 1% -- from October to November, data released Tuesday from the S&P/Case-Shiller Home Price Indices reveals. This is the first home price dip in nine months.

However, year-over-year, home prices are actually up 13.8% (not seasonally adjusted) for the 10-City Composite and 13.7% (not seasonally adjusted) for the 20-City Composites. Single-family homes have clocked year-over-year price gains now for 18 straight months. Average home prices nationally are back at mid-2004 levels, though still about 20% off their mid-2006 peak.

“November was a good month for home prices," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Despite the slight decline, the 10-City and 20-City Composites showed their best November performance since 2005. Prices typically weaken as we move closer to the winter."

The S&P/Case-Shiller Home Price Indices track the price of single-family homes across the U.S., with the city composite indices focused on major metro areas. City-by-city, November's prices reflect a winter chill in those areas where cold weather is most palpable. Of the nine cities (out of 20 tracked) that recorded positive monthly returns, all but two of those cities--Boston and Cleveland--were in the Sun Belt. Meanwhile, prices in Minneapolis and San Diego remained relatively flat.

Of particular note is Dallas, which clocked a 9.9% annual price increase, its highest level since 2000 (when the indices first began tracking this city.) Chicago's numbers are even more dramatic: an 11% year-over-year increase, this city's fastest year-over-year gain since December 1988.

“Case-Shiller data is again showing eye-popping home value appreciation overall, but individual markets are showing signs of slowing down, which is helping to set up a mixed bag this year for buyers and sellers," noted Stan Humphries, chief economist. "Buyers can expect more inventory and less investor competition, while sellers used to seeing huge price gains month after month may feel some whiplash as that slows down."

Blitzer, the S&P Index Committee chair, pointed out that home prices continue to rise despite rising mortgage interest rates. "Combined with low inflation -- 1.5% in 2013 – home owners are enjoying real appreciation and rising equity values," Blitzer said in a statement. "While housing will make further contributions to the economy in 2014, the pace of price gains is likely to slow during the year.”